May Wheat - 1.50 Higher
May Corn - 0.75 Higher
May Soymeal - 0.90 Higher
May Beans - 1.00 Lower
Both Corn and Beans experienced upside breakouts today on heavy volume about 10 o'clock CST. The volume supports the up move - a lot of interest to buy.
The breakout number for May Corn is 426.50 and May Beans broke above 1142.75. These prices are also support levels for tomorrow.
Today's action adds confidence to the idea that a new up trend is starting. Of course the trade volume is new buying along with short covering.
As I suspected, May Cocoa was in a hurry to start correcting today, trading down 461 points to 5994. target - 5275.
April Crude Oil marked it's low 17 cents below support, then rallied to within 2 cents of the 2nd resistance number of 79.60.
support - 78.37
77.80
resistance - 80.10
82.00
May Soybeans marked it's low 1 cent above the 1133.00 support number, then rallied 17 cents.
support - 1142.50
1136.50
resistance - 1152.00
1162.50
1192.00
May Soymeal marked it's low 1.30 points above support then rallied about 5,50.
support - 327.00
324.50
resistance - 335.00
344.50
May Corn marked it's low 1 tick above the 421.50 support, then rallied 7-8 cents. See daily chart below.
support - 426.50
420.50
resistance - 434.00
445.00
May SRW Wheat marked it's low at the 571.50 stated support price after selling off about 13 cents.
support - 573.00
567.50
resistance - 585.25 - breakout point
600.00
612.00
May HRW Wheat marked it's low 2.50 cents below the 575.50 support then rallied about 8 cents.
support - 572.50
563.50
resistance - 590 - breakout
610.00
May Spring Wheat marked it's low in between the 6.50 cent range of support levels.
support - 653.00
650.00
resistance - 661.50 - breakout
673.50
692.50
March S&P marked it's low 2 points below the 5065 support after selling off 25 points. Rolls to June on March 7th.
support - 5060
5043
resistance - 5108
5123 - breakout
